NOTE · Fiscalnote Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $95.41M | $120.27M | $132.65M | $82.91M | - | - |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $9.57M | $12.83M | $18.19M | $24.02M | - | - |
| SG&A | $52.14M | $50.24M | $65.55M | $77.80M | $5.94M | - |
| Total Operating Expenses | $144.91M | $152.21M | $230.38M | $138.49M | - | - |
| D&A | $1.04M | $1.24M | $1.35M | $1.18M | - | - |
| Operating Income | ($49.50M) | ($31.94M) | ($97.74M) | ($88.19M) | ($5.94M) | - |
| Interest Expense | $16.49M | $23.59M | $29.94M | $64.80M | - | - |
| Income Tax | ($1.25M) | $536.0K | $223.0K | ($7.89M) | - | - |
| Net Income | ($65.25M) | $9.52M | ($115.46M) | ($218.26M) | ($3.66M) | - |
| EPS - Basic | ($4.65) | $0.84 | ($10.56) | ($237.60) | - | - |
| EPS - Diluted | ($4.65) | $0.84 | ($10.56) | ($237.60) | - | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.32M | $28.81M | $16.45M | $60.39M | $618.1K | $0 |
| Accounts Receivable | $11.95M | $13.46M | $16.93M | $14.91M | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | $1.74M | $4.3K |
| Current Assets | $45.55M | $57.19M | $49.80M | $86.00M | $1.08M | $2.79M |
| Total Assets | $255.14M | $326.20M | $370.56M | $433.16M | $176.18M | $177.05M |
| Current Liabilities | $44.43M | $51.25M | $65.65M | $62.11M | $4.68M | $923.2K |
| Long-term Debt | $125.64M | $147.04M | $222.31M | $161.98M | - | - |
| Total Liabilities | $193.19M | $228.37M | $327.10M | $288.47M | $30.49M | $19.87M |
| Stockholders' Equity | $61.95M | $97.83M | $43.46M | $144.69M | ($29.31M) | $0 |
| Retained Earnings | ($872.15M) | ($806.90M) | ($816.42M) | ($700.74M) | ($29.31M) | ($854.7K) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($11.44M) | ($5.30M) | ($35.49M) | ($72.63M) | ($1.03M) | - |
| Investing Cash Flow | $39.71M | $89.17M | ($20.32M) | ($49.20M) | - | - |
| Financing Cash Flow | ($32.83M) | ($71.43M) | $12.08M | $111.53M | $1.65M | - |
| CapEx | $7.20M | $8.88M | $7.94M | $5.57M | - | - |
| Free Cash Flow | ($18.65M) | ($14.18M) | ($43.43M) | ($78.19M) | - | - |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -51.9% | -26.6% | -73.7% | -106.4% | - | - |
| EBITDA margin | -50.8% | -25.5% | -72.7% | -104.9% | - | - |
| Net margin | -68.4% | 7.9% | -87.0% | -263.2% | - | - |
| Free cash flow margin | -19.5% | -11.8% | -32.7% | -94.3% | - | - |
| FCF / Net income | 0.29 | -1.49 | 0.38 | 0.36 | - | - |
| R&D / Revenue | 10.0% | 10.7% | 13.7% | 29.0% | - | - |
| SG&A / Revenue | 54.6% | 41.8% | 49.4% | 93.8% | - | - |
| Effective tax rate | - | 5.3% | - | - | - | - |
| Return on assets | -25.6% | 2.9% | -31.2% | -50.4% | -2.1% | - |
| Return on equity | -105.3% | 9.7% | -265.7% | -150.8% | 12.5% | - |
| Return on invested capital | -20.8% | -12.3% | -29.1% | -22.7% | - | - |
| Liquidity | ||||||
| Current ratio | 1.03 | 1.12 | 0.76 | 1.38 | 0.23 | 3.02 |
| Quick ratio | 1.03 | 1.12 | 0.76 | 1.38 | 0.23 | 3.02 |
| Cash ratio | 0.55 | 0.56 | 0.25 | 0.97 | 0.13 | 0.00 |
| Leverage | ||||||
| Debt / Equity | 2.03 | 1.50 | 5.12 | 1.12 | - | - |
| Debt / Assets | 0.49 | 0.45 | 0.60 | 0.37 | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -3.0x | -1.4x | -3.3x | -1.4x | - | - |
| Equity multiplier | 4.12 | 3.33 | 8.53 | 2.99 | -6.01 | - |
| Liabilities / Assets | 0.76 | 0.70 | 0.88 | 0.67 | 0.17 | 0.11 |
| Efficiency | ||||||
| Asset turnover | 0.37 | 0.37 | 0.36 | 0.19 | - | - |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 46d | 41d | 47d | 66d | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | 15.3x | - | - | - | - |
| P / B | 0.3x | 18.0x | 41.4x | 8.1x | - | - |
| P / S | 0.2x | 14.7x | 13.6x | 14.2x | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -20.7% | -9.3% | 60.0% | - | - | - |
| Revenue CAGR (3y) | 4.8% | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -55.0% | 67.3% | -10.8% | -1384.7% | - | - |
| Net income growth (YoY) | - | - | 47.1% | -5869.4% | - | - |
| EPS growth (YoY) | - | - | 95.6% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -31.5% | 67.3% | 44.5% | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -36.7% | 125.1% | -70.0% | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$101.83M totalSubscription$88.98M · 87.4%
Advisory Advertising And Other$6.42M · 6.3%
Other Revenue$2.84M · 2.8%
Advisory$2.08M · 2.0%
Advertising$1.49M · 1.5%
Books$10.0K · 0.0%
Geographic
$95.41M totalNorth America$85.60M · 89.7%
Europe$9.19M · 9.6%
AU$614.0K · 0.6%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-2.99
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Business Services, NEC
Comparing FiscalNote Holdings against the 5 most active filers in the same SIC group.